Rakesh Jhunjunwala picks up 1.4% stake in Spicejet
Rakesh Jhunjhunwala's Rare Enterprises today picked up 75 lakh shares of SpiceJet @ average price of Rs 17.88 for more than Rs 13 crore through open market route, amid the no frills carrier facing tough business conditions.
The share purchase comes days after SpiceJet said that a few parties have evinced interest in making investments in the carrier.
According to bulk deal details with the BSE, Rare Enterprises acquired 75 lakh shares. Based on the total number of shares of more than 53.5 crore at the end of September, today's share sale would amount to about 1.4 per cent stake.
The shares were bought for an average price of Rs 17.88 apiece, valuing the transaction size at Rs 13.41 crore.
Spicejet shares surged 18.36 per cent to settle the day at 18.24 apiece, on the BSE.
On November...